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BMW 3-Series (E90 E92) Forum
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Car Insurance
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04-12-2015, 11:11 PM | #1 |
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Car Insurance
Hey Guys
So Ive had a pretty sour encounter with NRMA over the last few days regarding my insurance policy. Got my car last year 2005 build 325i 6MT E90 done about 98xxx km now well below average for its age, Everything works like a charm in top condition. NRMA gave me agreed value of $25,000 very fitting to the price I paid for it around 20k. I get this years agreed value $13,000!!!! Decide to look at NRMA online as a non customer to see how much it is as a new customer and agreed value is $14,400 and a lower premium than previously quoted. Pretty disappointed with their response so far considering you cant replace my 325i with the features and km I have for 13,000 or anywhere near that. Im listed as an addition driver (22yr old driver) on the policy but the policy holder has been with them for 30 years and has 8 policies with them so we are long term customers. Our main issue is that it is so undervalued that in the event of it being written off Id be out of pocket alot of money!! A similar event which occured couple years ago with a 530i that we had. Who do you guys have for Insurance? any of you experienced this bullshit jump in depreciation for a 10yr old car? |
04-13-2015, 12:29 AM | #4 |
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The $13K valuation on your renewal is at the bottom end of the Red Book valuation, so it is within range. The $14.4K is in the middle of the valuation range for your model but the lower premium is because you may have declared slightly different conditions (e.g. main driver age, age of youngest driver, etc.). Sad but true that our cars devalue faster than we would like to think ...
You can do this within reason but at the cost of a slightly higher premium; but it should be less pain with a multi-policy discount. Best bet is to shop around and see what others quote you. You'll cheer when you hit the age of 25 as premiums take a dive after that! Good luck and hope you find something you can accept.
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04-13-2015, 02:39 AM | #5 |
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I'm 23 and i pay $1500 for my 08 335i.
I have a friend who is in the same situation as you, NRMA will value your car at what they think it is, then you can call up and get them to make it what you want for an additional price. However i would be calling them up and getting up them for changing your policy without your consent (if you were previously on agree'd value) |
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04-13-2015, 05:29 AM | #6 |
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You can insure for an agreed value... I have my 08 insured for 45K
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04-13-2015, 05:51 AM | #7 |
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They changed it cause at the 10 year mark it drops, according to them...
Last year I paid a higher premium around 2400 for the increased agreed value. I spoke to a friend at NRMA and they said they dont do that anymore. Thinking I take my name off the policy and save the difference 2300 compared to 900 just having my old man on it, pocket that for new car and or incident push for 15k agreed value well above their estimates and wait till 25 for better rates on more HP cars! And in the event of a major accident, pay the 1200 premium for young driver if im at fault otherwise stay away from retard Sydney drivers!!! Last edited by Maverick27; 04-13-2015 at 06:07 AM.. |
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04-13-2015, 07:09 AM | #8 |
Buy a 335 they said... It'll be fun they said...
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Drives: 2007 E92 335i
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Location: Melbourne, Australia
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Sounds like the "agreed" value, isn't really "agreed" upon.
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04-13-2015, 07:52 PM | #9 |
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Well I can share outrage to a certain extent, 2005 Skyline, personal import, NRMA wanted $220 a month and would only insure for $12000, (bottom end of redbook value). I ended up going with Justcar for $116 a month with agreed value of $20,000.
Now my daily driver, 2010 Lancer, NRMA wanted $145 a month, with agreed value of $9500 (pathetic I thought.) So I went with Justcar again, $89 a month with agreed value of $12,500. |
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04-14-2015, 06:25 AM | #10 |
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Do any of you guys use Shannon's Insurance at all?
All of my cars and my house for that matter are insured through them. Both Beemers, Prado and Camaro. Costs me $200/month for everything. |
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e90 05, insurance, moneypit, writtenoff |
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